The amount of bidders and the user names look pretty suspicious for an auction that’s only been in operation a month. Take a look at some of the usernames that are bidding on theÂ 6 big ticket items going right now:

Current Bidding History for the HP G60-440US 16-Inch Laptop $6.30 (630 bids placed)

TIME

BIDDER

TYPE

Today, 19:52:01

nahida

Bid Buddy

Today, 19:52:01

qraizee

Bid Buddy

Today, 19:51:49

carda22

Single Bid

Today, 19:51:21

qraizee

Bid Buddy

Today, 19:51:21

nahida

Bid Buddy

Today, 19:51:01

qraizee

Bid Buddy

Today, 19:51:01

nahida

Bid Buddy

Today, 19:50:49

qraizee

Bid Buddy

Today, 19:50:35

nahida

Bid Buddy

Today, 19:50:26

qraizee

Bid Buddy

Current Bidding History for the 16GB iPod Touch $17.10 (1,710 bids placed) The touch is a great iPod, I got one for under $50 a few weeks ago… but really 1,710 bids have been placed so far? Wow…

TIME

BIDDER

TYPE

Today, 19:53:52

piercedjewel

Bid Buddy

Today, 19:53:26

bear1966

Bid Buddy

Today, 19:53:26

piercedjewel

Bid Buddy

Today, 19:53:14

bear1966

Bid Buddy

Today, 19:53:04

piercedjewel

Bid Buddy

Today, 19:52:43

bear1966

Bid Buddy

Today, 19:52:43

piercedjewel

Bid Buddy

Today, 19:52:11

s1b

Single Bid

Today, 19:52:08

bear1966

Bid Buddy

Today, 19:52:08

piercedjewel

Bid Buddy

Current Bidding History for the HD Sony Bravia 40inch LCD Television $15.64 (Bids placed 1,564 as ofÂ 7:57 pm EST)

TIME

BIDDER

TYPE

Today, 19:55:58

lux_noctis

Bid Buddy

Today, 19:55:50

venom

Single Bid

Today, 19:55:49

aaash

Single Bid

Today, 19:55:21

lux_noctis

Bid Buddy

Today, 19:55:21

pairotto

Bid Buddy

Today, 19:54:59

lux_noctis

Bid Buddy

Today, 19:54:59

pairotto

Bid Buddy

Today, 19:54:48

lux_noctis

Bid Buddy

Today, 19:54:35

pairotto

Bid Buddy

Today, 19:54:13

lux_noctis

Bid Buddy

Current Bidding History for the Onkyo HT-S5200 7.1-Channel Entertainment System $7.80 (780 bids have been placed) It just ended with 780 bids, Daintiness won on Bid Buddy.

TIME

BIDDER

TYPE

Today, 19:57:52

daintiness

Bid Buddy

Today, 19:57:47

xalelee

Single Bid

Today, 19:57:26

daintiness

Bid Buddy

Today, 19:57:14

sspatel

Single Bid

Today, 19:57:12

daintiness

Bid Buddy

Today, 19:57:01

sspatel

Single Bid

Today, 19:56:41

daintiness

Bid Buddy

Today, 19:56:41

xalelee

Single Bid

Today, 19:56:19

daintiness

Bid Buddy

Today, 19:56:13

sspatel

Single Bid

Many trusted penny auctions have yet to turn a profit yet iPennyBid is making bank on each and every one of their items and they’ve only had the domain registered for a month? Really? We’d like to believe so. Periodically I’ll stop in and watch the auctions at iPennyBid and I’ve seen a lot of bidders with multiple zeros and jumbled up usernames.

What do you think of this username: enujdleifnob? Yep, that’s a user on iPennyBid.

In iPennyBid’s terms & conditions they claim that they are running a successful business:

Q. This sounds too good to be true, how do you make money giving away items for such asin low price?

A. We are able to run a successful business by charging each user for the bids that they place. As shown on our home page, bids can be purchased in packages.

They also claim that they have been operating since May-but their domain was purchased on July 11th.sin

iPennyBid.com – A new approach to online auctions

Founded in Canada in early 2009, iPennyBid.com is becoming one of the worldâ€™s most innovative auction sites. Based on a unique software solution and business model, the company sells premium products like: computers, cameras, game consoles and cash, at very low prices

Here is how it works: our online customers buy â€œbidsâ€ in advance. They cost approximately $0.50 USD each and are sold in “Bid Packages”. Bidders have the choice of placing single bids, or, using an electronic bid assistant called the â€œBidBuddyâ€. iPennyBid.com will soon be bringing bidding via the phone to our customers.
Every bid placed, increases the price of the product by 1 penny and the auction countdown by up to 20 seconds. To help keep track of the money spent on bidding, each auction displays the amount spent on bids by the customer and how much the bidder would save overall, if they won the auction at that moment.
The â€˜last bidder standingâ€™ when the countdown reaches zero, wins the auction â€“ usually at a very low price; winners save, on average, 85% when compared to the recommended retail price.
In May 2009, iPennyBid.com was successfully launched worldwide, specializing in the US, Canada, UK, Australia and New Zealand market.

iPennyBid.com received substantial funding from a private investment company located in Canada in June 2009.

Contacting Us

iPennyBid, Inc.

29 Sainte Paul Street
Casselman,
ONTARIO,
K0A 1M0
Canada.

Bids on iPennyBid start at $0.60

For what it’s worth… not quite sure if this has any significance, but it looks like ipennybid.com is hosted in Singapore with these guys:

“We are a fully Offshore Hosting Services Provider based in HongÂ Kong, the financial and telecommunications center of Asia, with the freest economy in the World (including very low level of government involvement in business activities, and very low level of restrictions, intervention, and regulation)…We require no information beyond what is needed to receive payment and we are fully offshore, so your privacy, security, and confidentiality is ensured.”

Us, along with Zoozle, Rockybid, GoBid, BidRodeo, BidCactus, YottaBid, etc. are hosted in the USA.

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